Cost of Living in Spring Park, MN

With a cost of living index of 123, Spring Park, MN is a notably expensive place to live. Living here is 23% more expensive than the national average and 40% above the Minnesota state average of 82. Spring Park is a small community of 1,869 residents.

Housing costs are the biggest factor in Spring Park's cost of living. The median monthly rent is $1,223 (7% below the US median of $1,319), and the median home value sits at $598,400 (96% above the national median of $304,900). At current prices, the median home costs roughly 12.8x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Spring Park is $46,860, which is 38% lower than the national median of $75,149. Residents spend roughly 31% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to Spring Park. The area sees an average annual temperature of 46.7°F, with summers averaging 72°F and winters around 19°F. Annual rainfall totals 30.6 inches spread over roughly 107 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.